Category: Banking

CBI registers three cases against two ex-Chief Managers of Corporation Bank

Newsroom24x7 Staff New Delhi: The Central Bureau of Investigation has registered three separate cases on a complaint from Corporation Bank against two former Chief Managers; Director-cum-Proprietor of private firms; middlemen; an advocate and others on the allegations of criminal conspiracy, cheating and forgery. It was also alleged that the accused named in FIRs have floated

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SBI Paris is being shut down

Newsroom24x7 Staff Paris: The State Bank of India Paris, which has boasted of full range of International Banking products and services and has been showcased as a Fortune 500 entity with the Government of India as its single largest shareholder with 58.60% ownership, is now being shut down as it has become a non-performing branch

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SBI’s core capitalisation to improve in the financial year ending-March 2017

Newsroom24x7 Staff Singapore/Mumbai: Fitch Ratings expects SBI’s core capitalisation to improve in the financial year ending-March 2017 (FY17), from a core equity Tier 1 ratio of 10.3% at end-September 2016. SBI is likely to receive around USD835 million in new capital from the government shortly (of the total USD1.1 billion earmarked for FY17; around 5%

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Demonetisation fraud: Banker wants to surrender before court

Newsroom24x7 Staff New Delhi: Responding to a plea to surrender by a private bank manager who was arrested by the enforcement Directorate for alleged bank fruad linked with demonetisation, a special court here has sought a report from the Delhi Police A special court has sought a report from Delhi Police on a plea by

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Amounts exceeding ₹5000 in old notes can be deposited only once till 30 December

Newsroom24x7 Staff New Delhi: Five weeks after the Modi government announced the scrapping of the old ₹ 500 and ₹ 1000 notes, it has now been decided that amounts exceeding Rs.5000 in old notes can be deposited only once between now and 30 December, 2016. The banks have been advised to conduct due diligence regarding the

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And now Demonetisation: Modiji, Please don’t let the bankers down

Newsroom24x7 Desk New Delhi: After the Modi Government’s hard hitting decision to discontinue the use of ₹500 and ₹1000 notes to address the issue of black money, a letter written on behalf of the bankers to Prime Minister Narendra Modi has gone viral on social media. We reproduce the letter: Dear Modi ji we The

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RBI Governor Urjit Patel cuts repo rate to 6 year low

Newsroom24x7 Staff Mumbai: Reserve Bank Governor Urjit Patel today announced the decision to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to six year low 6.25 per cent with immediate effect. The RBI Governor was addressing a press conference to brief the media on

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Committee recommends special resolution regime for financial firms

Newsroom24x7 Staff New Delhi: The Committee set up to draft a Code on Resolution of Financial Firms has drafted a Bill that envisages the setting up of a Resolution Corporation with its head office in Mumbai. A note released today by the Union Finance Ministry on the recommendations of the Committee to draft a Code

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IDFC Bank to Expand Reach with Acquisition of Grama Vidiyal Micro Finance

Newsroom24x7 Desk Acquisition offers access to 1.2 million households; adds 319 points of presence across seven states Ties in with plans to build a mass retail bank Mumbai: IDFC Bank, today signed a share purchase agreement to acquire 100% of Grama Vidiyal Micro Finance Ltd, one of the largest microfinance institutions in the country. Upon completion of

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₹ 1000 cr Syndicate Bank scam: CBI files charge sheet against a former Chief Manager

Newsroom24x7 Staff: New Delhi: The Central Bureau of Investigation on Tuesday filed a charge sheet against a former Chief Manager, Syndicate Bank, Udaipur Branch (Rajasthan) and his wife; a Chartered Accountant of Udaipur; a Businessman (Real Estate Developer of Jaipur) and another person from Udaipur under section 120-B read with sections 420, 467, 468, 471, 472,

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CBI arrests a Chartered Accountant and Businessman in the Syndicate bank scam case

Newsroom24x7 Desk New Delhi: The Central Bureau of Investigation today arrested a Chartered Accountant of Udaipur and a real estate developer of Jaipur in the on-going investigation of a case relating to an alleged loss of Rs. 1000 Crore to Syndicate Bank. The arrested accused were produced today in the designated court at Jaipur (Rajasthan) and

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RBI cancels Certificate of Registration of 2 NBFCs

Newsroom24x7 Desk Mumbai: The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Company’s Name Address of Registered Office Certificate of Registration No.

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Subdued performance of corporate sector moderated the demand for bank credit: RBI

Newsroom24x7 Staff Mumbai: Weak domestic demand and subdued performance of the corporate sector moderated the demand for bank credit. As a result, at the end of March 2015, gross outstanding credit of scheduled commercial banks increased by 9.5 per cent to ₹ 68,784 billion, as against an increase of 13.7 per cent during the previous

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India Bank Consolidation Positive in the Long Term

Newsroom24x7 Staff Mumbai/Singapore: A consolidated Indian banking structure would be a positive development in the long term for the Indian banking system, says Fitch Ratings. We believe that consolidation coupled with higher capital requirements and governance reforms would position the banking system better in support of a more open and higher-growth economy. The topic of

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